Steps to Home Ownership for LGBT Buyers

Buying a home may be the biggest investment you’ll make in your lifetime. The process can be exciting and for many, it can also be intimidating. There are additional factors for same-sex couples to consider that may make the process more complex, although some of these are changing due to recent Supreme Court rulings on the Federal Defense of Marriage Act and the repeal of Proposition 8 in California. Understanding the steps to achieving your goal of home ownership can help same-sex couples improve the buying experience while steering clear of potential pitfalls.

Following are a few suggestions to help you on the road to home ownership, with an emphasis on considerations for same-sex couples intending to purchase together:

Get Your Finances in Order

Obtain copies of your and your partner’s credit report and have any errors corrected before you apply for a loan. For both partners: Pay down/off outstanding balances where feasible as doing so will help improve your debt-to-income ratio and your credit score. Organize important documents that you will need, such as current pay stubs, W-2 forms, bank and asset statements, tax returns and accurate records of debts.

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